FinMin aims for ‘Single B’ credit rating, warns of economic strain from population boom

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb spoke at the 8th Edition of The Future Summit in Karachi, addressing Pakistan’s economic challenges and future financial strategies. He emphasized the need for bold reforms to stabilize the country’s fiscal path, including achieving a ‘Single B’ credit rating this fiscal year. Aurangzeb highlighted the improvements in Pakistan’s credit ratings, external stability, and macroeconomic conditions, which have led to upgrades by rating agencies. He called for digitization of the Federal Board of Revenue to streamline tax collection and reduce corruption. Aurangzeb also stressed the importance of fair market practices and ensuring that the benefits of declining inflation are passed on to the people. He expressed a commitment to transitioning to an export-led economy for Pakistan’s economic growth.